Shop local is a popular topic here, but this week I’ve watched a new trend pop up: bank local.
Move Your Money is encouraging people to shift their money to locally owned banks. The site includes bank rankings by Institutional Risk Analytics. All of my local banks scored B+ or higher.
The project was dreamed up at a pre-Christmas dinner party of political activists. And the campaign is seemingly everywhere. It has spread by social networks, and while I was in Dallas this week, I saw it on the local news.
Your local banks are important your community. The people who work there volunteer in your community. You see them in the homecoming parade. (When was the last time you saw your international mega-bank in your small town parade?)
Jack Schultz has reminded us that “too big to fail” should come with additional capital reserve requirements. I listen to Jack on banking issues because he serves on his local bank’s board of directors. He also points out, in an Sept 30, 2008 issue of the AgUrban newsletter, that the big problem for local banks is the huge burden of regulation that is out-scale for small banks. Also read the Nov. 18, 2008 issue, and the reader reactions in the Oct. 7, 2008 issue.
So, what’s your take on the bank local initiative?
- Brag Basket goes to the beach - August 29, 2014
- How I found my mission in three kinda-easy steps - August 26, 2014
- Recruiting new residents: help them find out they’ll love your town - August 19, 2014
- Should I charge by the hour or by the project? - August 18, 2014
- Finding Mona’s Market, a small town business picture-story - August 12, 2014
- 7 Strengths of Small Town Businesses #7: Benefiting the Local Community - August 4, 2014
- Redesign your downtown without breaking the budget - July 29, 2014
- 7 Strengths of Small Town Businesses #6: Innovative - July 28, 2014
- Brag Basket is for sharing good news - July 25, 2014
- 7 Strengths of Small Town Businesses #5: More knowledgeable - July 21, 2014